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If you are a company and purchasing software for the company then the entry would be a credit to the checking/cash account and then a debit to an expense account.
Wiki User
∙ 10y ago
The journal entry for purchasing software involves debiting the software asset account to reflect the cost of the software and crediting the cash or Accounts Payable account depending on the method of payment. This entry recognizes the increase in assets due to the software purchase and the corresponding decrease in cash or increase in liabilities.
Wiki User
∙ 9y agodebit software
credit cash
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What are the journal entry on purchase of software?
Debit software purchase accountCredit cash / bank
What is the journal entry for purchasing finished goods?
Purchases a/c dr Accounts Payable cr
What is the journal entry when purchasing a company?
Debit assetsCredit liabilitiescredit cash / bank (balance amount)
What is the proper journal entry for purchasing a computer on account?
[Debit] Computer Asset Account [Credit] Accounts payable account
Types of books of original entry?
cash book, petty cash book, returns inwards journal, returns outwards journal, yes
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
Are journals balanced daily in bookkeeping?
Yes. In practice, accountants and bookkeepers normally use computer software to input journal entries; the software automatically ensures all accounts are balance after every journal entry.
How do you enter discount entry in purchase transaction in tally software?
We are purchasing stock rs 3480.00 they give discount rs 170.00 how do we entry the purchase
How do you do journal entry for Forecasting Sales?
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
What is the structure of a journal entry?
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
Why you post journal entry?
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
